The global simulation software market reached a value of US$ 11.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.3 Billion by 2027, exhibiting a CAGR of 13.2% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Simulation software enables companies to create a real-time environment for observing an operation and testing the applicability and efficiency of numerous products and processes. It also allows examining of the modified or same system with various inputs and tracking responses. It offers various benefits, such as reducing the overall expenditure and minimizing costs incurred on training. As a result, simulation software is widely employed in the aerospace and defense and automotive sector across the world.
The growing popularity of autonomous and electric vehicles (EVs) on account of rising environmental concerns represents one of the key factors driving the market. The manufacturers of these vehicles are relying on simulation software to test their efficiency and effectiveness by using real-world situations. Apart from this, the software helps to develop prototypes and test them virtually and assists in producing error-free output by avoiding the production of faulty products. It also saves time spent on research and development (R&D) activities, which is positively influencing its overall sales. With a rapid increase in the expenses incurred on prototypes and curbing faults of the existing products, there is widespread adoption of simulation software to reduce the need for manually testing multiple prototypes and subsequently minimizing the chances of product failure. Besides this, the leading manufacturers are significantly investing in the development of artificial intelligence (AI)-related technologies. This, in turn, is anticipated to escalate the demand for simulation software across the world.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global simulation software market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, deployment and end use.
Breakup by Component:
Breakup by Deployment:
Breakup by End Use:
Aerospace and Defense
Electrical and Electronics
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Altair Engineering Inc., Ansys Inc., Autodesk Inc., Bentley Systems Incorporated, Dassault Syst?mes, PTC Inc., Rockwell Automation Inc., Siemens AG, Simul8 Corporation, The AnyLogic Company and The MathWorks Inc.
Key questions answered in this report:
How has the global simulation software market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global simulation software market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the deployment?
What is the breakup of the market based on the end use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global simulation software market and who are the key players?
What is the degree of competition in the industry?